I had got a reputation of 225 (200+) on a day, but wasn't awarded the Mortarboard badge.
So, just wanted to know whether the badge is still active or is the explanation of the badge wrong; so that it doesn't create confusion in the future.
Association bonuses (and bounties, had you had any) don't count toward the total. It comes from upvotes (+10 per answer vote, +5 per question), accepted answers (+15), and the odd +2's you get for stuff like suggested edits being accepted (eventually they don't count any more either), and accepting an answer yourself. (turns out I was wrong about that last one.)
They're not easy to get. Three decent answers and a couple of acceptances will get you close, but it helps if you have some carry-over upvotes from an answer or two the previous day (people upvoting the next day).
[If you pass 200 but then spend points (say setting up a bounty), you can lose your "passed 200 in a day" as well. I've been caught by that one a bunch of times.]